As of now, 3 CTC stimulus checks have been sent out. Millions of American families have received these payments, and the next check is coming on 15th October. But each of the payments had its own problems. And IRS’s live assistance is excruciatingly difficult to get an answer from. So, you may be looking to stop receiving these payments using the Update Portal for the CTC.
More Info Regarding The CTC Stimulus Checks
The CTC Stimulus Check Update Portal is not only for crossing your name off the list for the monthly payments. Other important updates can also be done on it. For instance, seeing payments that have already been processed, or updating your bank or mailing information. Also, keep in mind that if you opt out of the CTC stimulus checks now, you will be getting a bigger credit in 2022 when your tax returns are filed.
The majority of families who were eligible for the CTC stimulus checks were automatically receiving them, as long as they had a tax return filed for 2020 or 2019. Moreover, the CTC is nonrefundable. This means that income is not a necessary requirement for qualifying for the CTC stimulus checks.
Opting out of the monthly CTC stimulus checks means that you can file your tax return for 2021 and get all that remains of the total $3600 in one go. Otherwise, you will get a monthly check worth between $250 and $300 per child. The deadline for each month is 3 days before the month’s first Thursday. Furthermore, unenrolling can be done only once, as per the IRS. This means the next time you can enroll will be somewhere in the fall.
To opt-out, you need to head to the Manage Advance Payments section of the Update Portal. After signing in, the option will be visible if you qualify for it.